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Covid-19 coronavirus: extension of the mortgage moratorium and adoption of a moratorium on personal and consumer loans in Spain

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02 April 2020

On 1 April 2020 it has been published in the Spanish Official Gazette (Boletin Oficial del Estado) the Royal decree law 11/2020, dated 31 March, adopting additional urgent measures in the social and economic field to fight against Covid-19 (RDL), which constitutes the third set of economic measures passed by the Spanish Government over the last weeks.

The aim of RDL is, among others, to clarify certain aspects of the mortgage moratorium set out in Royal decree law 8/2020, dated 17 March, on urgent and extraordinary measures to fight social and economic impact of Covid-19 (RDL 8/2020); and the adoption of a three-months moratorium on personal and consumer loans.

This publication summarises the main aspects of the mortgage moratorium set out in RDL 8/2020 that are now clarified, such as the term of the mortgage moratorium or who may benefit from it, among others.

This article also replies to some questions about the moratorium on personal and consumer loans. The moratorium implies a temporary suspension of the contractual obligations derived from any personal and consumer loan or credit in place on the date the RDL comes into force and entered into by an individual who is in a vulnerable situation because of the Covid-19 crisis. While the moratorium is in force no principal or interests must be paid under the relevant loan or credit and no interests (either ordinary or default interests) shall be accrued. The suspension on the payment of interests will not apply to other debtors or agreements than those within the scope of the RDL.

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